Various trade advantages and business opportunities offered by the World Logistics Passport were highlighted by the latest Global Freight Resilience Index (GFRI).
The study also said the UAE has been improving and strengthening its logistics resilience over the past three years, thanks to various initiatives to remove trade barriers and promote investments in technology and infrastructure, consolidating the country as a global trade hub.
Whiteshield, a global strategy and public policy advisory firm, presented the index during the Global Freight Summit, organised by DP World in Dubai.
The GFRI is an annual study that covers two main pillars such as Policy Opportunity and Freight Performance, and it highlights areas that governments and private sector should prioritise to enable collective action and coordination to build resilience, mitigate risk and promote inclusive growth, especially amongst most vulnerable communities.
According to the study, the World Logistics Passport (WLP) is one of the key initiatives, launched at the World Economic Forum in Davos in 2020 and that is now present in 45 countries, creating a strong network of players to smooth the trade flows.
Whiteshield collaborated with WLP to hold a VIP session at the event that was hosted by Sheikh Ahmed bin Saeed Al Maktoum, Chairman of Steering Committee of WLP, and was participated by prominent discussion leaders such as Sultan Ahmed bin Sulayem, Sultan bin Saeed Al Mansoori, both members of the steering committee, Mike Bhaskaran, CEO of WLP, and Anthony O’Sullivan, Partner and Director of Whiteshield, among others.
Global companies such as Amazon, Boeing, Pfizer, Musgrave, Microsoft, among others, were represented at the VIP session by their top level executives and had the opportunity to discuss their logistics challenges and how the WLP could collaborate in overcoming these barriers. At the end of the session, the companies were also awarded with WLP’s high-tier membership.
Fadi Farra, Managing Partner of Whiteshield, said: “The Global Freight Summit is a significant milestone in the freight and logistics calendar, bringing together leaders from business, government, and international organisations to discuss the key trends shaping the industry. In collaboration with the World Logistics Passport, we intend to strengthen international cooperation to provide businesses with the necessary conditions, information, and incentives to realise the full potential of global trade.”
O'Sullivan said: “International trade is critical to the global economy, as it significantly contributes to development and employment opportunities. The GFRI is a good indication of how a country might react to a crisis such as Covid-19 and how quickly it can recover, which are critical insights for businesses to make far reaching choices as they build facilities, extend supply chains, and cultivate new markets. It also enables policy makers to make informed decisions.
"The Global Freight Summit brings together business, government, and international leaders to discuss key trends shaping the freight and logistics industry. We believe this is an ideal platform for attendees to hear from prominent speakers and connect with industry professionals in the field to discuss how we can address some of the biggest challenges and opportunities present in the sector,” he said. - TradeArabia News Service